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In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve....
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Stability -- 10. Inflation and sovereign currencies -- 11. Conclusions: Modern money theory for sovereign currencies. … the COVID-19 pandemic, the rise of inflation, and how to finance a Green New Deal, are also discussed. Since the second … causes of the post-pandemic inflation that has hit much of the world. It also offers an alternative approach to dealing with …
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This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
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